Owning a house is one of the ultimate dreams of every working Filipino and one of the biggest investments one can have because its value increases over time. Buying your own house is a great advantage as it gives you a feeling of security, safety and belongingness, and it also gives you the freedom to create your own living space and decorate it accordingly. As a solid property, it can also serve as your legacy, which you can bequeath to your children.
Not known to many, SSS also offers various Housing loan programs since the early ’80s. As the years went by, SSS partnered with participating financial institutions for easier facilitation of documentary requirements as well as collections of housing loans. Currently, SSS directly facilitates the Direct House Repair and Improvement Loan and the Direct Housing Facility for Overseas Filipino Workers (OFWs)/Trade Union Members (TUMs) Programs.
Somewhere along the way, there were circumstances when our member-borrowers ended up cash-strapped and unable to fulfill their monthly amortizations. This is quite disheartening as they struggle in sustaining their regular payments. This is why we opened the Housing Loan Restructuring and Penalty Condonation Program (HLRPCP), also known as PRRP-4 as part of the SSS Pandemic Relief and Restructuring Program (PRRP) that we launched in November. The program, which aims to assist delinquent member-borrowers, their legal heirs or designated successor/s-in-interest by condoning penalties of their past due housing loans, will run for three months from November 22, 2021 until February 21, 2022. We consider a loan as past due or delinquent if the loan arrears is equivalent to at least six monthly amortizations as of the filing date of application within the condonation period. Penalty condonation can be availed of either with or without restructuring of the housing loan account.
The covered housing loan programs are the Direct Individual Housing Loan, including duplex housing loan accounts, and Direct Housing Loan Facility for OFWs/TUMs, while borrowers qualified for condonation with and without restructuring are as follows:
For condonation without restructuring:
n All housing loan borrowers, duly designated successor/s-in-interest/legal heir/s with past due housing loan obligations,whether or not the original or previously restructured term has already expired, or housing loan borrowers whose property has been foreclosed and undergone sheriff auction sale with SSS as the winning bidder and the Certificate of Sale has not yet been registered.
For condonation with restructuring:
All housing loan borrowers/successor/s-in-interest/legal heir/s with past due housing loan obligations and with at least one month remaining term of the original or previously restructured loan term.
For successor/s-in-interest and legal heir/s applicants, the applicant must be an SSS member with least 24 monthly contributions posted at the time of the application, 12 of which should be posted continuously prior to the date of application.
There are two payment terms available.One is the Condonation without Restructuring wherein the full payment, a one-time payment (cash or manager’s check) of the outstanding principal, interests, insurance dues and legal expenses within 90 calendar days from receipt of notice of approval of application.
The second is the Condonation with Restructuring wherein member-borrowers are to pay 50 percent down payment of the outstanding principal, interests, insurance dues and legal expenses within 90 calendar days from receipt of notice of approval of application. The remaining 50 percent shall be restructured and shall be payable in 12 monthly equal installments. The first amortization shall start on the month following the date of receipt of the applicant’s 50 percent down payment. Payment deadline shall be on the 10th day of the month following the applicable month. Under the loan restructuring, the interest rate is 6 percent per annum, which shall be fixed for the term of the loan. Any unpaid monthly amortization on the restructured loan after due date shall be subjected to a penalty of 1 percent per month until fully paid or foreclosed.
Applicants should pay the full payment (one-time payment) or 50 percent down payment (cash or manager’s check) to any SSS-accredited collecting partner, bank or non-bank, or SSS Branch Office with tellering facility.
Interested applicants for this program may file their application at the following:
For NCR—Housing and Acquired Asset Management Department (HAAMD), SSS Main Office.
For Outside NCR—Housing and Acquired Asset Management Section (HAAMS) at selected branches:
Central Luzon—HAAMS
Tarlac
Southern Luzon—HAAMS San Pablo
Northern Luzon—HAAMS Baguio
Bicol Region—HAAMS Naga
Central Visayas—HAAMS Cebu
Western Visayas—HAAMS Bacolod
Southern Mindanao—HAAMS Davao
Northern Mindanao—HAAMS Cagayan De Oro
Western Mindanao—HAAMS Zamboanga
For details, you may visit the SSS website at www.sss.gov.ph and follow our official social media accounts. For Facebook, “Philippine Social Security System;” Twitter, @PHLSSS; Youtube Channel, Philippine Social Security System; or join our SSS Viber Community “MYSSSPH Updates.”
To the housing loan borrowers who missed out on their payments, this is a perfect opportunity to take advantage of the flexible payment terms that is now convenient for you.
Have a great day!
Aurora C. Ignacio is SSS president and chief executive officer.
We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss.gov.ph for topics that you might want us to discuss.